Monday, April 19, 2021

*** Ultimate AMC Timeline and History of Events ***

Apes, our saga is gettin' juicier than Minute Maid! Who's thirsty?

I hope that you find my "AMC Timeline" useful. It outlines not only the history of AMC stock since December of 2020, but also paints a picture as to why/when/how shorts and hedge funds are getting increasingly desperate.

NOTE: If you think that something is missing from the timeline, please let me know in the comments. I'll gladly add it!

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December 17, 2020:

SEC states that Robinhood misled its customers about how it was paid by Wall Street firms to pass along customers' trading data and that the start-up had made money at the expense of its customers. Robinhood agrees to pay a $65 million fine to settle the charges, without admitting or denying guilt.

https://www.sec.gov/news/press-release/2020-321

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January 27:

First AMC squeeze

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March 3:

Per AMC's proxy statement, ". . . 63,096,124 shares (including 3,732,625 treasury shares) of the total number of shares of Common Stock currently authorized remain available for issuance or may be reserved for issuance prior to any amendment to increase the authorized shares of Common Stock."

(Ape Translation: Adam Aron clarified in his interview with Trey's Trades that 20 million of those 63 million shares are accounted for. Still, that leaves AMC with 43M already-approved shares available to introduce to the market WITHOUT apes' permission. So, if apes approve the 500M new shares, that will make Aron much more inclined to actually use those 43M already-approved shares that are CURRENTLY the only bullets in his holster. Just because he vowed to not use any of the 500M new shares in 2021 doesn't mean he won't use any of the 43M. In fact, getting the 500M new shares gives Aron much more freedom and ability to dilute with those 43M already-approved shares. That's why my vote is "NO." After we moon, Aron can dilute to his heart's content, and at a much higher price per share, too!)

https://www.sec.gov/Archives/edgar/data/1411579/000104746921000518/a2243000zpre14a.htm

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March 7:

SEC requests public comments (until April 8) on proposed Rule NSCC-2021-801 (i.e., "the straw that will break the hedge funds' backs")

https://www.sec.gov/comments/sr-nscc-2021-801/srnscc2021801.htm

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March 16:

SEC approves Rule DTC-2021-003

https://www.dtcc.com/legal/sec-rule-filings

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March 29:

  1. SEC approves FICC-2021-002

https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/FICC/SR-FICC-2021-002-Approval-Notice.pdf

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  1. SEC approves DTC-2021-004

https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/DTC/SR-DTC-2021-004-Approval-Notice.pdf

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  1. SEC approves NSCC-2021-004

re: "To address the risks of (a) uncovered losses or liquidity shortfalls resulting from the default of one or more of its Members, and (b) losses arising from non-default events, such as damage to NSCC’s physical assets, a cyber-attack, or custody and investment losses, and the strategy for implementation of such tools."

https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/NSCC/SR-NSCC-2021-004-Approval-Notice.pdf

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March 30:

Susquehanna International Group, LLP ("SIG") and Richard J. McDonald formally oppose the OCC's new "Skin-in-the-Game" rule (OCC-2021-0003)

https://www.sec.gov/comments/sr-occ-2021-003/srocc2021003-8561059-230781.pdf

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April 4:

"Godzilla v. Kong" sets pandemic and pre-pandemic records, disproving shorts' FUD that "people will never go to AMC theaters again"

https://www.reddit.com/r/amcstock/comments/mkarix/applestoapples_godzilla_vs_kong_just_beat_the/

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April 5:

"B. Riley Financial" upgrades AMC and raises price target from $7 to $13

https://www.benzinga.com/news/21/04/20478244/b-riley-fbr-upgrades-amc-entertainment-to-buy-raises-price-target-to-13

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April 6:

Trey gets death threats

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April 7:

1- SEC approves "Skin-in-the-Game" rule (OCC-2021-801)

https://www.sec.gov/rules/sro/occ/2021/34-91491.pdf

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  1. Trey's Trades interview with Jordan Belfort

(Link intentionally not included.)

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April 8:

1- New SEC filing confirms plaintiffs' assertion that "Apex, along with over 30 other brokerages, trading firms and/or clearing firms, including Morgan Stanley, E*Trade, Interactive Brokers, Charles Schwab, Robinhood, Barclays, Citadel and DTCC engaged in a coordinated conspiracy in violation of anti-trust laws to prevent retail customers from operating and trading freely in a conspiracy to allow certain of the other defendants, primarily hedge funds, to stop losing money on short sale positions in GameStop, AMC and certain other securities."

https://www.sec.gov/Archives/edgar/data/0001834518/000119312521109685/d121216ds4.htm

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  1. Matt Kohrs gets banned by Youtube

https://twitter.com/matt_kohrs/status/1380144656596541440?lang=en

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  1. SEC cancels closed door meeting

https://www.sec.gov/news/upcoming-events/closed-meeting-040821

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  1. SEC warns SPACs to cut the dirty shit

https://www.sec.gov/news/public-statement/spacs-ipos-liability-risk-under-securities-laws

https://news.yahoo.com/sec-wall-street-spacs-aren-192916403.html

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  1. SEC's Chief of the Office of the Whistleblower, Jane Norberg, to Leave Agency

https://www.sec.gov/news/press-release/2021-59

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  1. Last day to submit your comments to the SEC in support of the approval of Rule NSCC-2021-801! Rule NSCC-2021-801 is the proverbial "nail in the coffin" that reeeeeeeeeeeally has the hedge funders shitting their fancy little britches. A decision will be imminent after April 8. The SEC is currently deliberating whether to approve this SUPER CRITICAL Rule SR-NSCC-2021-801, which would allow the NSCC to assess the risk of members (i.e., hedge funds) on a daily basis and also demand a higher Secondary Liquidity Deposit (SLD) on a daily basis if a member risks defaulting. If approved, this rule will force hedge funds and market makers to pay more if they are "playing too risky." It will also allow the DTCC to liquidate a member’s positions if those positions jeopardize the NSCC’s ability to complete that day’s trades. Furthermore, the arguably most important aspect of Rule NSCC-2021-801 is that hedge funds would no longer be able to take advantage of an inexplicable lack of scrutiny to hide naked shorting, FTD shares, dark pool trades, ladder attacks, trading amongst themselves to artificially lower the price per share, etc. They will no longer have 30 days to "get their affairs in order," either. Transparency could be our newest and greatest weapon!

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April 12:

"Better Markets" files an amicus brief (lawsuit) against Citadel to prevent Citadel from succeeding in stopping the SEC's plan to implement a new type of order ("Delimit Order") developed by IEX. This new "delimit order" would essentially prevent Citadel and other hedge funds from engaging in high-frequency trading and stock price manipulation via the use of sophisticated equipment and non-public information that give them a huge, unfair advantage over retail investors in the marketplace.

https://bettermarkets.com/resources/better-markets-amicus-brief-citadel-v-sec

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April 13:

1- Arclight and Pacific Theatres permanently closing in California, boosting AMC's future business and value

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  1. AMC reaches all-time high in short interest at approximately 21.5%

(Keep in mind that the short interest was only 11% before AMC's first squeeze on January 27! Plus, there are far more apes now.)

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  1. AMC reaches all-time high in shares on loan at approximately 136,000,000

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  1. AMC reaches all-time high in utilization at approximately 96%

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  1. Fintel borrowing fee increases by 317% (from 2.4% to 7.6%)

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  1. "Roensch Capital" predicts the squeeze

https://www.youtube.com/watch?v=xgjAldrX1aE

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  1. Hedge funds start to "spoof" shares:

https://www.reddit.com/r/amcstock/comments/mq6612/you_mfers_they_started_with_spoofing_now/

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April 14:

1- Gary Gensler, notorious supporter of "the little guy," confirmed 53-45 by Senate to lead the SEC as Wall Street’s top regulator; plans to investigate SPACs and market manipulation by hedge funds (particularly in relation to Gamestop and AMC)

"The GameStop saga has led congressional Democrats to ask the SEC to reexamine the practice of payment for order flow, whereby stock brokers are paid to direct customer orders to market makers, as well as features in trading apps that critics say exemplify the use of so-called gamification techniques to encourage harmful overuse of those apps by retail investors. . . . The blowup of Archegos, meanwhile, could encourage Gensler to propose new rules for institutional investors that require the disclosure of short positions in stocks as well as derivative positions that mimic stock ownership."

https://www.marketwatch.com/story/senate-confirms-gary-gensler-as-sec-chairman-11618417804

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  1. Fintel borrowing fee increases once again, this time by 18% (from 7.3% to 8.9%)

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  1. Only 3,000 non-ETF shares available to short!

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  1. AMC reaches all-time high in short interest at 21.22%

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  1. AMC reaches all-time high in shares shorted at approximately 138,740,000

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  1. AMC reaches all-time high in utilization at approximately 97.5%

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  1. Phenomenal 97% buyers and only 3% sellers for the day (at market close)!

https://www.reddit.com/r/amcstock/comments/mqzp71/97_buyers_vs_3_sellers_with_almost_100/

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  1. Adam Aron interview with Trey's Trades!

Notable Adam Aron quotes from the interview, in sequential order:

  • "I am in this for the long haul [as CEO], 5-10 more years."
  • "I am a fellow shareholder."
  • "Long-term, I am a bull. I own over 3,000,000 shares of AMC stock."
  • "I want to continue growing the company each year moving forward."
  • "Our main goal is to increase shareholder value."
  • "Our company is under attack by short sellers."
  • "I haven't sold a single share in 5 years, and don't plan to. I am a believer in this company."
  • "The last time we authorized 500,000,000 shares, we didn't use any shares [32,000,000] until 3.5 years later! We didn't use shares again [300,000,000] until 3.5 years after that! Each time, AMC's stock price rose 200%-300%."
  • "Flooding the market with 500,000,000 shares woud be crazy and foolish."
  • "If AMC shareholders authorize the 500,000,000 shares, we will pledge in writing that we will not issue a single share in calendar year 2021!"
  • "I'm tired of playing defense. I want to play offense."
  • "We would only use shares to acquire other theater chains to instantly increase value for shareholders. Or to buy back debt at a significant discount to increase value. Or to entice landlords to accept stock NOW (at a discount) instead of waiting on cash over the course of 24-36 months."
  • "If you don't vote at all, your vote will be counted as a "No" by default.
  • "You own AMC. This is YOUR company!"
  • "I will give you one prediction: 50 years from now, analysts will be claiming that XYZ is going to put AMC out of business. Why [will AMC still be here]? Because there is something magical about going to the movie theater! . . . Watching at home just doesn't have the same impact."
  • "Going to the movie theater is a cheap date. The average movie ticket in the U.S. is about $10. Where else can you go to be entertained for 2-3 hours for only $10? You can't!"
  • "In 2019, the movie theater industry sold 7 times as many tickets as the NFL, MLB, NBA, NHL, and MLS combined!"
  • "I think that AMC's best days are still to come."
  • "I say to those people who are betting against us: I don't think it's a good idea to bet against movie theaters. It's certainly not a good idea to bet against AMC. And I'd like to think that it's not a good idea to bet against Adam Aron, either."

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April 15 (Thursday):

J.P. Morgan sells a record $13 billion in bonds to raise cash

https://finance.yahoo.com/news/morgan-stanley-joins-bank-bond-115538870.html

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April 16 (Friday):

1- A massive 57,000 contracts expire at $10.00!

https://www.reddit.com/r/amcstock/comments/mqs0oo/why_has_nobody_mentioned_the_57000_contracts_that/

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  1. SEC approves FICC-2021-001

https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/FICC/SR-FICC-2021-001-Approval-Notice.pdf

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  1. SEC approves DTC-2021-002

https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/DTC/SR-DTC-2021-002-Approval-Notice.pdf

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  1. SEC approves NSCC-2021-003

https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/NSCC/SR-NSCC-2021-003-Approval-Notice.pdf

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  1. Goldman Sachs sells $6 billion in bonds to raise cash

https://finance.yahoo.com/news/morgan-stanley-joins-bank-bond-115538870.html

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  1. One day after J.P. Morgan sold a record $13 billion in bonds to raise cash, Bank of American breaks the record by borrowing $15 billion through the sale of its own bonds.

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  1. Citigroup is expected to announce its own bond sale soon

https://finance.yahoo.com/news/morgan-stanley-joins-bank-bond-115538870.html

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April 17 (Saturday):

1- Gary Gensler sworn in as SEC Chairman, where he will serve as Joe Biden's enforcer, the "top cop on Wall Street." It’s very telling that he was quickly sworn in on a Saturday, which had not happened since 1973 (recession) and 2008 (recession) in order to address fraud. This is a clear indication that Biden and the SEC are preparing to take similar, emergency action against fraudulent actors and market manipulators.

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  1. Bitcoin dropped 15%, as institutions are likely selling Bitcoin to raise the massive collateral that they now require—starting on April 22—to fully insure their lenders, including apes. (See "April 22" below.)

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  1. Is somebody in a hurry? LMAO! Lights in Citadel's corporate building suggest that employees worked feverishly at all hours throughout the weekend, including Sunday. Hmmm . . . . Desperate much? The stock market was closed, but guess what was open for trading: Bitcoin. I suppose that it could be a total coincidence that Bitcoin dropped 15% on Saturday, but I doubt it. The more likely scenario is that Citadel and other hedge funds caused Bitcoin to plummet by selling Bitcoin to raise a small portion of the collateral that they will need to at least partially insure the lent/borrowed synthetic shares that they overleveraged, as required on or before April 22. (See "April 22" below.)

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April 19 (Monday):

1- Average borrow fee increases to 21.2%

https://amc.crazyawesomecompany.com/

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  1. Utilization rate hits 99.40%

https://www.youtube.com/watch?v=TISIH4O40ss

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  1. Morgan Stanley sells $6 billion in unsecured bonds to raise cash.

https://finance.yahoo.com/news/morgan-stanley-joins-bank-bond-115538870.html

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April 20 (Tuesday):

Date by which the share count—which will expose the number of synthetic shares—must be completed. It must be completed 14 days before the shareholder meeting on May 4.

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April 22 (Thursday):

HUGE!

Rule 15c3-3(b)(3) goes into effect. It "requires broker-dealers entering into agreements with their customers (e.g., apes) who lend the broker-dealers fully-paid or excess margin securities to provide the securities lenders (e.g., apes) with collateral that fully secures the loans."

(Apish: "You overleveraged bastards must now have the cash or collateral ON-HAND to fully cover every share that you borrow/lend, including unrealized losses! And, if you fuckers need to borrow more each day, you must also sufficiently increase your cash-on-hand and collateral to be able to FULLY COVER each day. Yeah, it's not yet an official law or regulation, but we're going to enforce it on your asses starting April 22.")

https://www.sec.gov/news/public-statement/staff-fully-paid-lending

https://www.sec.gov/rules/sro/occ/2021/34-91445.pdf

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April 23 (Friday):

The hedge funds have 3 business days to eliminate (i.e., purchase) ALL synthetic shares that they shorted, or those shares become "FTD" (failed to deliver). The purchase deadline is April 28.

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April 28 (Wednesday):

As established on April 23, unpurchased synthetic shares go into default. Per SEC rules, hedge funds now have 21 days to purchase those FTD shares.

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May 4 (Tuesday):

Shareholder meeting (2:00 PM, Central Time), including vote to approve or deny the option for AMC to release 500 million new shares to the market

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May 19 (Wednesday):

As established on April 28, May 19 is the final day for hedge funds to purchase all FTD synthetic shares. If not, all of their assets can go into forced liquidation. We could be looking at Archegos x 100.

(Apish: "Liquidation is moon rocket fuel.")

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Why Hedge Funds Are Screwed

If the price goes down, apes will eagerly buy more and continue to increase the retail ownership percentage of the company, which is currently 88%+. If the price stays flat, hedge funds will continue to pay an increasingly higher interest rate, which is currently a whopping 21.2%. If the price goes up, hedge funds will have to cover and risk starting the virtually assured squeeze! Bottom line: all roads lead to inevitable oblivion for hedge funds.


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  • Rakuten gets a commission from stores when you make a purchase, and shares it with you. Find the store on rakuten.com, click “Shop Now” and shop like normal on the store site. After you make an eligible purchase, you’ll earn cash back and get a check or PayPal payment every quarter.
  • RebatesMe makes it easy to save at the stores you love. Earn cash back while shopping online, get access to thousands of coupons, and get the best price on millions of products.
  • Shutterfly enables users to create personalized photo gifts (including photos and text) such as smartphone cases, photo books, wall art, and home decor. Through its Lifetouch division, it also provides portraiture services.
  • Skillz is the world’s premier tournament platform where mobile gamers can use their skills to compete for cash and prizes. True to its name, Skillz does not host games of chance, and all winnings are based on your ability. Games include Solitaire Cube, Blackout Bingo, 21 Blitz, Texas Holdem and many more
  • SoFi Invest allows users to buy and sell individual stocks as well as ETFs and select cryptocurrencies, offering innovative investment tools to help members get their money right at every stage of their financial lives.
  • SoFi Money is an all-in-one product that is a hybrid checking and savings account. There are no account fees or minimum balance requirements, so you can bank freely. Pay no ATM fees at 55,000+ ATMs worldwide. Because SoFi Money is all online, you deposit checks from your phone and pay bills online. You can also use SoFi Money to transfer and receive money, like paying the babysitter or covering your share of dinner when the bill comes — All cash in your account earns 0.25% APY, which is quite high and even beats traditional banks’ high-yield savings accounts. No fees, and offers interest rate reduction.
  • SoFi Personal Loan is a great option for borrowers who make a decent income and have good credit. There are no origination fees or late fees, and you won’t be penalized for paying your balance off early. They offer low rates, no fees, exclusive member benefits including access to career coaches and financial advisers, exclusive virtual events and more. Fixed personal loan rates range between 5.99% APR to 20.25% (with AutoPay).
  • SoFi Student Loan Refinancing offers student loan refinancing and private student loans. Its refinancing loan is best for borrowers who want plenty of benefits with their refinanced student loan. Its private loan is best for flexible repayment options and no fees. You can see if you qualify with NO HARD credit check.
  • Square is a popular service that allows you to buy, sell and send money using any Apple or Android mobile device. With three free mobile apps — Square Register, Square Wallet and Square Cash — Square is designed to help small businesses accept credit card payments and to help consumers transition to a cashless, cardless lifestyle.
  • Stash aims to make the process of selecting stocks and ETFs quick and easy for beginners. Stash offers other account options, including brokerage and bank accounts, plus access to a Roth or traditional IRA retirement account.
  • T-Mobile is one of the largest providers of wireless voice and data communications services in the US with more than 81 million customers. It has about 2,200 T-Mobile and MetroPCS branded retail sites (ranging from kiosks to stores).
  • TopCashback is a competing cash-back web site that claims to offer higher cash back than some of the other larger sites. Rather than spend extra money on expensive commercials, TopCashBack uses the savings to provide consumers with higher cash-back payout rates.
  • Uber is a rideshare company with an app that allows passengers to hail a ride and drivers to charge fares and get paid.
  • Uber Driver - Turn your spare time into earnings with the Driver app - built with drivers, to bring you helpful information at your fingertips. Help as you move people and things where they need to go. Drive whenever you want — no offices, no bosses. Wherever you want to go, you can enjoy the journey and the destination. Requirements:
    • Meet the minimum age to drive in your city
    • Have at least one year of licensed driving experience in the US (3 years if you are under 23 years old)
    • Have a valid US driver’s license
    • Use an eligible 4-door vehicle
  • Uber Eats is a food delivery platform that makes getting great food from your favorite local restaurants as easy as requesting a ride. Their app connects you with a broad range of local restaurants and food, so you can order from the full menus of your local favorites whenever you want.
  • Uniqlo is a Japanese casual wear brand for women, men, kids & babies, operating in 20 different countries. Uniqlo is known for providing high-quality, private-label casual-wear at low prices.
  • Venmo is a social payments service used by millions of people to make, receive and share payments with friends, family, and select approved businesses (without using cash or checks). It’s similar to PayPal, but is unique in that Venmo allows users to share and like payments and purchases through a social feed.
  • Volcom is a lifestyle brand that designs, markets, and distributes boardsports-oriented products.
  • Wayfair is an American e-commerce company that sells furniture and home-goods.
  • Wish is a shopping app for iPhone and Android that lets you order cheap goods online with major savings. Most items ship straight from China, and a growing number ship from the U.S. for faster delivery. You can even pick up select items locally in minutes.
  • Zogo is a FREE mobile app for kids and adults (age 13+) to learn financial literacy. Earn points towards gift cards to Amazon, Walmart, Starbucks and more by completing short, bite-sized modules. The many lessons include:
    • How to save money
    • Importance and best practices for a good credit score
    • How to minimize debt
    • How to successfully create and maintain a budget
    • Long-term investment strategies

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Crypto Daily News from ZBG Exchange

1. Market Wrap: Bitcoin Recovers From Sunday Slump to $56K as Doge Jumps 19%

Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23.

The bitcoin market saw spot volumes not witnessed since February and record derivatives action over the weekend. Ether declined, while the meme-y alternative cryptocurrency dogecoin saw double-digit percentage price appreciation.
Bitcoin (BTC) trading around $56,026 as of 21:00 UTC (4 p.m. ET). Gaining 0.30% over the previous 24 hours.
Bitcoin’s 24-hour range: $54,680-$57,456
BTC near the 10-hour but below the 50-hour moving average on the hourly chart, a sideways signal for market technicians.
The price of bitcoin suffered a price drop on Monday, dipping to as low as $54,680 before recovering somewhat, to $56,026 as of press time
“The crypto markets witnessed a sudden dip over the weekend, when BTC dropped before recovering about half of that by day end,” noted David Lifchitz, CIO and partner at quant trading firm ExoAlpha.
Bitcoin volumes on major exchanges that encompass the CoinDesk 20 had a banner day Sunday when viewed through the prism of the past three months. Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23, when volumes surpassed $12 billion. Volumes were much lower Monday, at below $4 billion as of press time.

2. Dogecoin Eclipses XRP as 4th Largest Cryptocurrency Ahead of ‘Dogeday’

Dogecoin briefly replaced XRP as the fourth-largest coin early Monday.

There seems to be no stopping the DOGE run.
The cryptocurrency created as a joke in 2013 rose to a new record high around $0.43 early Monday, extending the previous week’s 340% rally, according to data source Messari.
The meme cryptocurrency briefly replaced the payments-focused XRP as the fourth-largest cryptocurrency by market capitalization when prices hit the new high. At that time, its market capitalization stood at over $54 billion, according to data source Messari.
At press time, dogecoin was changing hands at $0.3920, with a market value around $50 billion. XRP’s market value stands at $53.4 billion, at the current price of $1.41. Bitcoin remains the top cryptocurrency, with a market capitalization of $1.05 trillion.
DOGE’s recent rally has raised price expectations for the rest of the year. According to the betting website us-bookies.com, oddsmakers now see a 17% probability of dogecoin rallying to $1 by the year-end, versus 2.9% at the start of the month.

3. Latest Bitcoin Crash Shows ‘Buy the Dip’ Mentality Among Big Investors, NYDIG Says

NYDIG’s analyst also noted significant BTC spot price discounts on Binance compared to Coinbase.

“Our desk has been a net purchaser over the past 24–48 hours,” Greg Cipolaro, global head of research at NYDIG, a bitcoin-focused investment manager, wrote Monday in an email to subscribers.
Cipolaro published the comments after bitcoin (BTC) tumbled from a record high above $64,000 last week to as low as $51,541 early Sunday. The largest cryptocurrency was changing hands around $55,400 as of 4:37 UTC (12:37 p.m. ET).
Bitcoin’s price is still up 89% this year amid speculation that big investors are using the largest cryptocurrency as a hedge against inflation following trillions of dollars of coronavirus-related economic stimulus over the past year by governments and central banks around the world.
“Institutional investors have had a buy-the-dip mentality during these risk-off events, suggesting increasing ease with handling bitcoin’s volatility,” wrote Cipolaro.
“We believe the root cause of the sell-off had to do with investor positioning rather than fundamental news. Simply put, traders were overleveraged and positioned long, resulting in forced liquidations.”
Cipolaro also noted significant BTC spot price discounts on Binance compared to Coinbase. “The difference in spot, which is usually very tight, reached nearly 3% at one point. To us, these data points are indicative of selling pressure in Asia rather than North America.”

4. OKEx Goes Live With Bitcoin Lightning Network Deposits, Withdrawals

OKEx is the seventh major exchange to add the scaling solution.

Crypto exchange OKEx’s support for Bitcoin’s Lightning Network is now live.
The Lightning Network is a second layer that works atop Bitcoin to facilitate faster and cheaper transactions than Bitcoin’s primary network.
The exchange announced the integration in February.
“OKEx is pleased to announce that BTC Lightning Network is now live on OKEx website, enabling much faster and cheaper BTC transfers. OKEx users are now able to use the Lightning Network for both BTC deposits and withdrawals,” a press release reads.

5. Crypto Fund Inflows Accelerated to $233M Last Week, Most Since Early March

Investor appetite for digital asset investment products increased last week, with strong interest in XRP.

Inflows into digital asset investment products nearly tripled to $233 million last week, according to a report Monday by CoinShares, a digital asset management firm.
Last week’s inflow of $150 million was the largest since early March, possibly reflecting bitcoin’s (BTC) brief rally to an all-time high just below $65,000. However, the cryptocurrency has since declined to around $55,600 at press time.
“Inflows this week were unusually spread over a varied set of digital assets,” according to CoinShares.
Bitcoin products saw the largest inflows of $108 million while Ethereum products continued to see outsized inflows of $65 million relative to its market cap.
“XRP has been the most popular, with weekly inflows of $33 million, nearly doubling its assets under management (AUM) to $83 million,” said CoinShares. XRP assets have roughly doubled in the month to date.
“Digital asset investment products saw much higher trading turnover for the week,” the report added. “This represents a rise of 59% compared to last week and similar levels to early February 2021.”

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https://preview.redd.it/30s772hcw8u61.png?width=1457&format=png&auto=webp&s=20dd6ac3703f188e75028c5f60905a78f252e5c3

Founded in July 2018, ZBG is a Hong Kong-based cryptocurrency exchange, a global platform of ZB.COM.

ZBG.com has quickly become one of the top 10 exchanges in the world with its innovative, efficient and global operations, and is known as a “New First-Tier” exchange.

Currently, ZBG supports 11 languages, with an average daily activity of more than 160,000, providing over 3 million users around the world with trustworthy cryptocurrency trading, contract trading and other crypto asset investment services.

In the future, ZBG will continue to expand its global market and provide stable, safe and fast blockchain project listing, diversified crypto assets and blockchain derivatives investment services to more blockchain enthusiasts around the world.

ZBG Official English (Telegram): https://t.me/ZBG_Exchange

ZBG Official Chinese(Telegram): https://t.me/ZBG_ChineseOfficial

ZBG Official Bangladesh (Telegram): https://t.me/zbgbangladesh

Twitter：https://twitter.com/ZBG_Exchange

ZBG, World’s top 10 crypto currency exchange.

Link to future value!

ZBG Team

April 20, 2021


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Asia today talking points 20/4/2021

· US Equities moderately lower on Monday with S&P -0.53%, Nasdaq -0.98% and Russell 2000 -1.36%. While there wasn’t a specific in terms of macro newsflow, sentiment may be dented by the ongoing volatility in cryptocurrencies where bitcoin fell below $55000. Momentum trades (such as Ark ETFs, SPACs, new energy etc) came under pressure while Nvidia also lost more than 3% amidst reports the UK’s antitrust watch may investigate its purchase of ARM. Tesla -3.4% after a fata crash in Texas where authorities believe the vehicle was operating without anyone in the driver seat. Altria -6% on a WSJ report the Biden administration may be exploring a new policy to require tobacco companies to reduce nicotine levels in cigarettes.

· Meituan Dianping (3690 HK) reported has raised US$10bn overnight via a US$3bn convertible bond and US$6.4-6.6bn in an equity placement. The equity placement was reported to be done at HK$273.80, a 5% discount to its last close but at the top end of the market range. While the placement being done at the high end of the range may be seen as a positive in terms of institutional demand for the stock, on the other hand the cash raising exercise has increased concerns that Meituan is taking a more aggressive posture to expand, especially in the area of community group buying. Overall we see increased competition as an area of uncertainty for e-commerce players in the near term and as such we have relative preference for Tencent in the internet space (700 HK).

· Li Ning (2331 HK, focus list stock) reported a strong set of 1Q operating data overnight. Retail sell through of its Li Ning brand grew by 80% y-o-y during the quarter, which outperformed the sales growth disclosed by various competitors. While part of it is due to a low base effect (due to COVID) and the Xinjiang cotton incident, the strong momentum could also be attributed to continued strong brand building and promotional activity by the company. Li Ning stock has been a strong performer since we added it to our Asia Focus List on 2nd Feb, rising 25% versus MSCI China’s -10% decline. We continue to like Li Ning as one our top consumer picks in China.

· Jiangsu Hengrui (600276 CH) reported an in line set of 1Q results with revenue rising 25% y-o-y and core net profit rising 20% y-o-y. There was a negative in the details in the form of higher R&D expenses, which rose from 15% to 19%. Also over the weekend there were some market chatters that there may be price cuts for some of Hengrui’s generic drugs (such as iodixanol, docetaxel) etc amidst a rumoured list of drugs under the fifth batch of GPO (Group Purchasing Organization) tender. Hengrui’s FY21 earnings as such could see significant downside risk. Hengrui’s medium term prospects meanwhile still look positive with several potential blockbusters in FY25-29.

· There are a couple of events ongoing in China this week that may of impact to equity markets. First we have the Boao forum where Xi Jinping will make an address and also there could be some focus in the market on government’s stance on new loans and also hedge fund regulation. Relaxation of 2 child policy is also a potential topic that could touched on as China will soon release the results of its seventh national population census. Meanwhile we also have the Shanghai Auto show ongoing where various automakers will showcase their new product line ups. This year there should be more EVs being lined up and the focus for the sector may soon shift to that of intensifying competition.


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Research on Bitcoin

Hi Bitcoiners,

I am interested in research papers that dive into the following bitcoin topics:

  1. Bitcoin halving events and price volatility: I understand that halving effects the price of bitcoin greatly, will that effect continue forever or will it lessen as time goes by and at what rate.
  2. The intersections of the Bitcoin economy and the “real” economy or world economy: what are the points of intersections between the two and what are the effects of them.

If you’d be so kind as to point out any research papers that dive deep into these topics, I would be grateful.

Thanks all!


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Kpop NFTs? Orwellian Horror or Future of Photocards

Hi- not my first post here but something happened today in a fandom I'm in today that is so wild I felt the need to share:

The Background: A.C.E is a 5 member Boy group who debuted back in 2017 and have had a pretty average career so far. The members went on competition shows, have done acting and have done multiple tours. They also have 3 international collabs under their belt. While they are still pretty small domestically, they have a pretty big international following. About a year ago they started working with the US based Management group Asian Agent for promotions in the West.

The Event: So earlier today in a Financial Post article where it is revealed that A.C.E will be producing and selling NFTs. NFTs are defined as “A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio and other types of digital files.” From what I understand these NFTs will be like photocards and there will be a type of drawing situation that would lead to a fansign very similar to an album fansign.

The Reaction: Well, initially some Choice (fans of A.C.E) were excited about the NFTs. However, it was soon spread throughout the fandom that perhaps NFTs are not the best thing. The biggest issue that I have seen about the NFTs from my own personal research is that they are very environmentally toxic in the sense that they cause exuberant amounts of emissions due to the blockchain breaking system. Additionally NFTs have had issues in the past with people recreating and reposting artwork and overall don't seem to be a very secure way to distribute digital artwork. That being said a lot of fans were also not comfortable with the idea of paying money for a photocard selfie that they basically get for free on Twitter from the members of A.C.E themselves.

But wait there's more...

Fans soon realized that the recent western artist collabs that A.C.E had have all been with people who are well-versed in NFTs. For example A.C.E did a remix of their song “Goblin” retitled “Fav Boys” with Steve Aoki and a rapper named Thutmose- both of whom have released NFTs. Even more recently than that, A.C.E have worked with a duo called Grey for a new English single called “Down”- a cute easy listening song. But if you can see where this is going...Grey also are big fans of NFTs :).....now some fans are holding the theory that Danny Hyunjin Lee- the CEO of Asian Agent-met all these people through NFT/Bitcoin trading and that's how those collabs actually came to be. This would also be backed up by the fact that fans connected A.C.E with artists like Steve Aoki but also helped them connect with other artists that we never heard about having a collaboration with Ace with even though the artist said they were interested in making one.

So in conclusion as a Choice, I have very mixed feelings about this but my major feeling is that this is a negative because it doesn't really stand for what A.C.E is known for from their fans perspective. Beat Entertainment, their management company in Korea, has always been very good at listening to fans wants and needs. They also have prided themselves on making their company and the group of A.C.E as socially conscious as possible- so seeing them make a move that would be bad for the environment is kinda bizarre and frankly something that I don't think any fans saw coming. That being said it is K-pop and today's events remind me that we can never trust anyone in management because they're always going to make the choice that makes more money and not necessarily the choice that is environmentally conscious nor fan conscious as well.

TLDNR: K-Pop group announces and if they will be selling photo cards and other items as NFTS and a fandom collectively creates a conspiracy theory that every collaboration this band has done has been through connections their management holds with Bitcoin traders.

What do you all think? Would you buy Kpop NFTs?


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Mega DD: Beachbody will Sprint pass Peloton - Former Corporate Fitness Business Manager

TLDR

Peloton is a targeted niche fitness business for the affluent and will take a hit on their revenue top line, due to multiple limiting factors of its business model.

  • Market Cap: $34 billion
  • 2020 revenues: $1.8 Billion
  • 2020 Sales Multiple of : 18x
  • Outstanding Shares: 263.64 million
  • Stock Price: $108
  • Estimated Subscription: 1.09 Million Subscriptions

Beachbody is targeted for ALL demographics, it is predominantly a fitness Saas, nutritional supplements and has Myxfitness( connected fitness product spin bike) to compete with peloton at an affordable price target.

  • Market Cap: $4 Billion
  • 2020 revenues: $880 Million
  • 2020 Sales multiple of: 4.5x
  • Outstanding Shares: 342.5 Million
  • Stock Price: $9.90
  • Estimated Subscription: 2.6 Million Subscriptions
  • ​

By a Fundamental quantitative standpoint.. Peloton is overvalued and The Beachbody Company is undervalued..lol no one can argue this. I’m sorry and I am not a bear on Peloton, I promise.

I’m Holding 1600 shares of FRX , looking to add more.

By no means, am I implying or suggesting that Beachbody Company is a Peloton Killer, don't get it twisted. Read below to understand, where I'm coming from. I'm putting this out to the internet as I believe Peleton recent success in price action will deliver close to the same results for The Beachbody Company. I’m doing this because I want you smart folks to poke holes at my thesis.

https://preview.redd.it/6bzbrzerq8u61.png?width=1578&format=png&auto=webp&s=0f3dbec125d9eb67a6ffbf9f7ff7cf2ae4d12b6d

Model based of 2021/2022 Revenues

FYI

I'm aware of what's going on with Peloton. I planned on creating this DD last week. So what happened with those pets/kids is a short term negativity event, growth pains if you will (think of Tesla negative press on autopilot death). Also I don't think adding a treadmill to their product line was a deviation of the Peloton brand, since they are trying to scale. This is evidence that they are trying to scale. One of the reasons why the market has a high evaluation now is because they believe they will add more products to bring in new levels of revenue. As you know, new products will help increase revenue by squeezing money from their current members and attract new affluent members, who don't like cycling or seated routines. Now there will be a cap on bikes/treadmills sales at some point in the near future, thus they will start depending more on the subscription based revenue. When a fitness business’s hardware point of sales revenue stops growing, starts dropping OR stabilizing, this doesn't become that high growth fitness tech company.

In order for the numbers to make sense, higher YOY revenue shows demand and this must grow at an accelerated rate OR you are paying for an overpriced company. We won't realize this until it's too late, after a handful of earnings calls or reports.

Unfortunately, the truth is human beings do die in the fitness world due to equipment, negligence, malpractice, overtraining etc all the time. So when you are a public company now, EVERYONE WILL KNOW. Now, Beachbody doesn't need Peleton to do well but if the market puts a premium on Peloton at these prices, they will look at Beachbody at some point and view it as an awesome deal to steal, before it gets hot. If Peloton, a 12 year company becomes successful at growing revenues, Beachbody Company will get that tailwind of that.

Why you should listen to what I have to say :

The only reason I have Coach in my name is because no matter what position I held, I was a Coach first, coach in real life and will die as a coach because I love teaching people how to fish and challenging them mentally.

So I started my own storefront fitness bootcamp business in 2011 after I graduated with a Phys Ed and Health degree in 2010. Now I didn't want to become a PE teacher, so I went after the fitness market due to obvious market demand. So I got certified as a NASM Personal Trainer and dove right in at this box gym doing 1on1s. I left the gym due to my cut on sales and payout. So From 2011-2014, I expanded my clientele demographics and trained different demographics from everyday workers to college students to middle class to affluent. 2014-2020 I took all that experience and leveled up to a very successful fitness boutique company Orangetheory Fitness.At the time we were at 250 nationwide, now there’s over 1,000 studios globally. I was a Coach, Regional Sales Manager and became a Corporate Business Manager. When 2020 COVID shutdown hit, immediately my forward thinking brain said..the game has changed. So Immediately went back to 1on1 for online training. So being on the ground level in the trenches, in different domains and conducting behind the scenes management, it shows I know a great deal about fitness. So listen up.

The GYM Business Model in a nutshell:

High Utilization Model

(70% or more members/package holders using the studio per week) is the bread and butter of boutique fitness service, so think Soul Cycle, Orangetheory fitness, Barrys boot camp, Crossfit,etc.

The objective here is we want you to use our service, 4-3x a week, you get results, then you'll stay committed to the community and get loud about us via Social or real life.

The Secret Sauce of boutique

  • Hire, Develop & Retain Passionate, Electric, Rockstar Coaches
  • Deliver exceptional customer service and create that Disneyland experience to keep them coming back for more.
  • Leverage innovative fitness technology and protocols that are guaranteed to deliver results.
  • Cult effect-- This happens when results are granted on the front end(workout) and backend(lost 30lbs, faster runner etc).. You create raving fans.
    • How to know if a brand is a cult or has a strong culture? Check Social Media tags/influencers/topics--read the comments.
    • Another way, think about this.. did you ever bump into one of their members? They usually say “I love XXXXX “, even after departure.
    • Box Gyms typically don't deliver this emotional attitude it's usually..” I go to XXXX or I have a membership with.. I belong XXX” I think you get the picture by now.
  • Word of Mouth- Whether in person or Social media, this promotes the brand at scale, which is why every trial and lead that walks in counts. Even if the person didn't like the service for them they could still recommend the brand based on first visit experience.

Low utilization Model

(20% or less members) is how Box gyms make their money. They try to get to the goal of 5,000 members on average, Charge low premium, that Joe and Sally, won't even think about when it hits their bill. Majority of human beings need communities and accountability to develop consistent habits and get results. You are paying for accessibility at a box gym. Hence why some gyms will charge a higher premium for additional services on top of cheap monthly membership, and upsell you other shit.

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41 Gym Stats

The Achilles heel of these boutique Fitness studios:

Note: We are focusing on fitness studios that claim to deliver weight loss. These businesses were created due to d the rate of Americans getting fatter. So Yoga, Pilates, etc serves a specialized need that is typically at the bottom of physical health priorities and will not be used in this thesis.

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https://medicine.wustl.edu/news/more-americans-now-obese-than-overweight/

Coaches are the product

Finding great Rockstar coaches is a rough game. Most Coaches are divas and have inflated egos, I know cause I once was a diva lol. If a coach departs (which happens about 90% of time) clients/members will leave, depending if that coach is accessible through another service/location. So management of Coaches, onboarding, compensation and treatment is the foundation and key to a successful fitness boutique business.

The Boutique business model can be too Niched -

Crossfit was short lived as they put a cap on their demographics by default due to its programming of High Impact exercises( ie. Barbell Powerlifting and High Rep/Volume-100+).

On the front end it attracted a lot of influencers ( Instagramable), X -Athletes, and desperate people looking for something new.

But on the backend it lead to major injuries for the masses. Example of Not scalable.

Even with the great coaches or crossfit “safety and form first” studio, injuries couldn't be tapered due to the nature of the programming. That's why services like Barry's Bootcamp and Orangetheoryfitness don't have barbells. The idea is to deliver Low-Impact, widely accessible workouts for a larger audience, no pun. Also to add, Crossfit has now been dubbed as more of a sport and due to the founder racist tweets, a lot of Crossfit studios, dropped the CrossFit name or closed down entirely.

The boutique “insert fitness type” business model could be a fad

Kickboxing- I used to teach Ilovekickboxing due to my martial arts background, same concept here not scalable.

1 hour programs 35 minutes on the bag doing 6 combinations per 3 minutes.

15 minutes of Full body fitness.

After a certain period, the majority of members became bored (with just punching and kicking) or they lack the execution of bag hitting to deliver weight loss results. Had nothing to do with the Coach. If you grew up in traditional martials art or done any repetitive physical form of movement, then you are mostly likey won’t get bored because you understand the use case of form follows function. People came to kickboxing primarily for weight loss NOT technique or self defense. Last thing, finding a kickboxing coach is a lot tougher than General based Coaches. It was very difficult for me to find Kickboxing Coaches which burnt me out and I saw where this company was heading. That's why Orangetheory Fitness, F45, Barry Bootcamp works because it's low impact, general based fitness that focuses on full body workouts. Large supply of coaches and trainers.

What about Spin Studios as a Niche ?

  • Peloton members could in theory get bored and crave an actual community spin studio. Everything is funnier in person but due to COVID this exodus most likely won't happen anytime soon. It seems scaling a fitness studio in these market conditions is very risky for Peloton and capital heavy.
    • Peloton has 70 studios, started in 2012.
    • Orangetheory Fitness has 1,200 studios, started in 2010.
    • Barrys Bootcamp has 70 studios, started in 1998
  • Since Spinning is a niche, the service requires participants to sit down on a bike and workout. There is typically lots of love for spin culture--some people are there due to the love of biking, had a series of ailments or they're older and want to do more of a low impact endurance routine. The problem with this model is you are sitting down. POINT BLANK. You are literally in place and doing very limited movement. Humans Beings are designed to move in multi planes. The motto..you don't use it, you lose it works here. Sitting down is something we do a lot..like really A LOT and the research is out that sitting down can cause more harm than good. I'm aware that members are sitting and moving their legs and will pop up shake it a little bit at certain points of the workout, but it doesn't stray away from the point that the average American :
    • spends 7 hours laying down in bed
    • 1 hour in a car
    • 8 hours sitting at work
    • 8 hours sitting down eating, socializing, watching tv , shitting

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  • In today's world, time is a very limited resource, so if you dedicate 1 hour to working out, clients will have a larger appetite to get some endurance, strength, power and rehab in a workout. People are becoming more knowledgeable on how to workout and what works for them. Hence programming now in fitness, we try to keep are clients from doing exercises in a seated position, train multiple domains and recommend, walking-sprinting-hiking outside/in nature as a free health benefit alternative for endurance activities. Science shows you can do 20-30 minutes of Low impact High Intensity Interval Training to improve cardiovascular health.
  • https://www.researchgate.net/figure/Summary-of-Physiological-Benefits-of-HIIT_tbl1_287326221

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What is the bear case on those General Fitness Boutique studios then?

Now even the boutique fitness studios have a cap, due to capacity, especially during COVID-19 pandemic. The only solution is opening a nearby location, which is not as easy at it seems and capital intensive. You have to have a high buxton score report, demographics to match, real estate available, the boots on the ground fitness team to deliver etc. The point is..due to the price point of General Fitness Studios it focuses on affluent neighborhoods next to well established franchise or corporate business. So think Whole Foods, European Wax, Massage Envy etc. Scaling membership on a micro level is tough, so franchisee are typically interested in opening more studios, to scale their business.

Now Box Gyms wins in this arena because they don't have a limit on demographics and is primarily focused on accessibility to everybody since about 80% of members don’t use memberships.

Focusing on Affluent isn’t always profitable

Peloton is a niched spin fitness business model that primarily focuses on the affluent demographics.

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  • 50% of Peloton members household makes $100k or more
  • Targeting 30% of the US Population
  • 70% of the US population is struggling with Obesity, whose more likely to become obese?

Noticed there is low and no growth between $100k-$200k households From 2014 to 2020

Since it's debut during the pandemic, it has become the "hot chick on the block" due to uptick in demand for At-Home workouts. This made people think they don't need a gym, they can actually workout at home. However this statement is overrated and human beings are not as predictable and will naturally miss the need for socializing and belonging to a community.

So watching on a screen isn't ENOUGH.

Do you know how many hours a day we spend LOOKING AT A SCREEN. Ever since I got into the stock market in 2020, I noticed I'm on the screen more and Crave MORE non -screen time or being out in nature. Most people will develop this crave at some point, if they haven't already.

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This does affect Beachbody as well but will negatively impact Peloton more due to its price point.

Brand Awareness -Marketing Psychology

Ask any one this...

When you hear toothpaste what brand comes to mind…..

Crest ..Colgate..

Superheroes group….

Avengers

What do you think of Peloton?

Expensive…Biking.... For rich people

So Peloton has fitness classes but .the everyday person, less affluent, will not think to research if they can do Peloton without the bike. This will be a hard barrier to break. NOW even if they attempt to break it… the less affluent will STILL feel weird because it's like saying I rock " insert overpriced designer brands" but in reality I just bought the socks or belt. High School dynamics have stretched to Social Media and people like to flex and brag what works for them workout wise. I KNOW YOU BEEN TO THOSE FAMILIES/FRIENDS DINNERS!

Again, people will just go for what’s right for them and ignore the Status Symbol that Peloton holds.

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By now you can see Peloton is purposely not trying to attract the masses and you see since they added new content user workouts from cycling dropped to 24%. Shows that users at some point will crave variety and cycling is currently the foundation and image of peloton.

OK SO NOW BEACHBODY..Finally

Beachbody is going through a spac to become public sometime in Q2 2021. It is severely undervalued compared to Peloton.

Beachbody has components of the box gym, where accessibility and lower barrier of entry exists. Members will keep it as a back up or may have it as part of their routine. It’s low cost like a gym membership thus making it a reasonable expense. Beacbody is basically the ultimate gym class in your living room. Don't have to worry about catching COVID, and you can train at your own time and pace. If you want to train naked go ahead! Who cares!

The Beachbody company will merge:

Beachbody - Large catalog of fitness workouts, nutrition

MyxFitness - Affordable Connected Cycling fitness

OpenFit - Macro influencers/Celebrities, Supplements

Beachbody is built for the masses and all types of level. The company is 24 years in the game of fitness and transition from VHS to DVDs to now Streaming,made the same pivot as Netflix.

Now Beachbody doesn't have a strong culture but their nutrition products delivered more than 50% of revenue.

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Plus with their expansive catalog of workouts throwback workouts still get views

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Openfit utilizing Macro Influencers and Celebrities to train their clients.

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Fun Fact: OpenFit has a large stake in Ladder, sports nutrition company founded by Lebron James and Arnold Schwarnegger

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MyxFitness: will be leveraging Openfit and beachbody.

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Ok Peloton is like Apple..okk?

You might say oooh but Peloton is like Apple. Then I would argue well Beachbody is like Android.

Brand appeal is cute and important but Market share is key. Even with the love for Apple products and the culture behind it. Check the numbers below of world dominance of OS. This is helpful if you are attempting to use the Apple analogy since Peloton and Beachbody is an international fitness company.

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SO Wrapping up… this isn't a matter of Beachbody being a Better results driven program than Peloton. I doubt that but It’s which company is undervalued. Which company has the higher probability of 10Xing your money within 5 years?

Some unnecessary thoughts but gems -

Beating Wall street

  • You guys know by now Wall street is usually wrong and late to the party about alot of shit…many examples.. Apple, Amazon, FB, Bitcoin, Tesla, Gstop..
  • So the key to success is to invest in fundamentally sound companies that will change the way we do things and can make an great impact within the next 5-10 years.
  • Wall street uses their old Fundamental Quantitative research models to evaluate what companies are worth but for NOW in the present not the future. There's been countless analysts on CNBC mentioning how Wall Street doesn't know how to evaluate growth companies and keep screaming that value companies are where it's at.
  • Wall street being incorrect now is actually a good thing. If you're smart, a forward thinker, and can delay gratification, this provides us an opportunity to buy more shares, at a cheaper price. Hence why having thoroughly DD and High convection is very important.
  • It seems wall street won't cover Beachbody until the companies first and second earnings. Beachbody is on its way to become public sometime in Q2.

Don't get to caught up on financially packaged marketing lingo " Value Investing"

I’m holding 1600 shares and continuing to build..see you at the finish line.

Live Googledoc for distro: https://docs.google.com/document/d/1AluqYXYzDyD8Ro2Ju5JXc4jS-TqrRTWQacmpX_B32gs/edit

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